Regulatory Alerts2010-03-21
Investment of Capital – 11.03.2010
The Central Bank of Seychelles issued this directive to all licensed banks, repealing previously restrictive regulations that prescribed how paid-up capital and reserve funds must be invested. Consequently, Circular BS 24 from December 1985 is formally declared no longer applicable, granting institutions greater flexibility in capital deployment. The directive includes copies of both the repealed regulations and the superseded circular to guide compliance under the updated framework.
CENTRAL BANK OF SEYCHELLES P. O. Box 701, Victoria, Seychelles Telephone: [+248] 282 000 Fax: [+248] 323 665 E-mail: enquiries@cbs.sc Ref: FSSIBK/CF/13 Date: March 11th,2010 TO ALL BANKS Investment of Capital The manner for investment of a bank's paid up capital and reserve funds had in the past been prescribed by the Central Bank. In December 2008, the relevant Regulations were repealed as they were viewed as being too restrictive. A copy of the Regulations is enclosed for ease of reference. Consequently, Central Bank wishes to advise that Circular BS 24 on Minimum Required Capital and Investment of Capital Funds dated December 30th 1985 (also attached) is no longer applicable. J.M. Morel (Ms) ~ Deputy Governor Enc.